Personal Loan Calculator
Calculate your loan payments and total costs
Loan Details
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What are Personal Loans?
Personal loans are loans with fixed amounts, interest rates, and monthly payback amounts over defined periods of time. Typical personal loans range from $5,000 to $35,000 with terms of 3 or 5 years in the U.S. They are not backed by collateral (like a car or home, for example) as is typical for secured loans. Instead, lenders use the credit score, income, debt level, and many other factors to determine whether to grant the personal loan and at what interest rate.
Why Use Personal Loans?
About half of all personal loans are used for debt consolidation. The interest rates of personal loans are normally lower than credit cards, making personal loans a great vehicle through which a person could consolidate credit card debt or other debts sitting at higher interest rates. When deciding to take a personal loan for debt consolidation, the fees should be fully considered.
Personal Loan Fees
Aside from the typical principal and interest payments made on any type of loan, for personal loans, there are several fees to take note of: origination fees, prepayment fees, and late payment fees. Some lenders may ask borrowers to purchase personal loan insurance policies that cover events like death, disability, or job loss.
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How to Use Free Personal Loan Calculator – Estimate Payments & Interest
“Simply enter your loan amount, interest rate, and term to instantly calculate monthly payments, total interest, and view a detailed amortization schedule. Our multilingual tool supports 10+ languages and currencies for global users.”
FAQs: Free Personal Loan Calculator – Estimate Payments & Interest
- What is a personal loan calculator?
A tool that estimates monthly payments, total interest, and payoff date based on loan amount, rate, and term. - How accurate is this calculator?
It provides close estimates but actual loan terms may vary by lender and creditworthiness. - Can I use this for other types of loans?
While designed for personal loans, it works for any fixed-rate installment loan. - Why are there different payment frequencies?
Some lenders offer weekly/biweekly options which can save on interest over time. - What’s included in the APR calculation?
Our APR includes both interest rate and loan fees for accurate cost comparison.